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MCP FY2017 - Financial Overview 2

* Underlying amounts exclude the results of the Housewares JV (divested 31 March 2016) and the other significant, non-recurring items outlined on Slide 4

Revenue from continuing operations $149.1m

11.4% Closure of Impulse Merchandising Division Reduction in low margin private label and agency sales

EBIT $13.5m 6.6%

Adverse AUD/USD currency impact Improved contribution margins Reduced selling and distribution costs

PBT $11.0m 1.2%

Significant reduction in borrowing costs due to reduction in debt and reduced effective interest rate

PAT $7.9m 7.4%

EPS 7.6cps 1.2%

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Summary Bridge of Underlying PBT from Continuing Operations 1HFY16 to 1HFY17 ($m)

3

Reduction in distribution

costs 1HFY16 $10.9

1HFY17 $11.0

(4.6)

FX Impact Reduction in Home

Appliances EBIT

Improvement in Contribution

Reduction in selling costs

Reduction in borrowing

costs

(0.5)

1.9

1.1

1.0

1.2

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MCP FY2017 Financial Overview Significant Items

Significant Items A$m FY2017 FY2016 Impairment of Home Appliances intangibles (12.0) -

Impairment of Revitanail brand (6.0) -

Impairment of New Zealand goodwill (1.8) -

Restructure costs (0.8) (0.2)

Bond buyback cost (0.7) -

Profit on divestment of IMD Singapore 0.2 -

Contingent consideration from Housewares divestment - 1.6

49% share of Housewares JV profit - 1.5

Legal and acquisition costs - (0.2)

Total Significant Items before Tax (21.1) 2.7 Tax benefit on Significant Items 1.4 0.1

Total Significant Items After Tax (19.7) 2.8

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MCP 1HFY2017 - Financial Overview (In comparison with 31 December 2015)

5

* Underlying EBIT excludes non-recurring items. **$18.7m impairment of intangibles added back to funds employed.

Underlying Cash Conversion* 106%

$15.9m operating cash flow before interest and tax payments

Net Debt $40.9m 55.9%

Strong operating cashflow Improved working capital efficiency Divestment of 49% interest in Housewares joint venture

Gearing 30.4% 16.0pp

ROFE for half** 8.8% 1.6pp $47m reduction in total funds

employed

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MCP 1HFY2017 - Financial Overview (In comparison with 31 December 2015)

• Interim dividend of 6.0 cents per share fully franked – Payout ratio of 78% of underlying EPS – Payment date 23 March 2017 – Dividend Reinvestment Plan (DRP) retained

6

Normalised EBIT Interest Cover* 5.4 times 1.4 times EBIT* / Interest*

Normalised leverage Ratio* 1.5 times 1.6 times Net Debt / EBITDA*

* Underlying EBIT and EBITDA exclude significant, non-recurring items Interest normalised to exclude bond buyback costs

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Strategy Update

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• Focussed on Health, Wellness & Beauty Brands stable is the #1 PRIORITY!

• Deliver quality growth of our MCP Health , Wellness & Beauty business by re-launching our top 5 TM’s: Dr. LeWinn’s, A’kin, Manicare, Lady Jayne & Swisspers

• Increase our Australian Health, Wellness & Beauty commercial focus & execution around across our top 6 customers

• Course correct the trajectory of our commercial division within HAPL

• Fix the NZ business model and return to growth

• Retain & selectively grow our Agency portfolios – Leverage our portfolio offering position, RTM and A&P prowess

• Realise the Supply chain / Kingsgrove EBIT opportunity - A significant re-investment enabler

• Implement a revised EXPORT & International business model with a tight supporting structure

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Focused on:

Health Wellness Beauty

9

HAPL 22%

Agency 17%

H,W& B 61%

• High Growth

• High Demand

• High Margins

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10

32% of revenue

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11

18% of revenue

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Country Partner Target / Sign Date

Australia Renewed December 2016

Singapore WIP Qtr1 2017

Singapore WIP Qtr1 2017

New Zealand January 2017

Australia Renewed Feb 17

Singapore Terminated current distributor and will transfer distribution to MCP

January 17

Australia

Expanding ranging with Australia; and increasing territories to Singapore and New Zealand

WIP Qtr1 2017

Australia / NZ Renewed

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• Key initiatives being:

– Continued focus on cost efficiencies

– Securing agency business with target revenue of $1m or greater i.e. Evolu

– Driving our core business through collaboration with our key customers i.e. Green Cross Health JBP

– Having a high performing and engaged team empowered to make quick decisions

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Kingsgrove Warehouse - Total capacity 12,500 pallet spaces Jan 2015 - 200 spaces available 99% full – 1% space available ($43mil Stock holdings) Jan 2017 - 6000 spaces available – 48% capacity opportunity ($28mil Stock holding)

35% reduction in working capital over 2 years by Improving inventory efficiency & Supply Chain management

Hit rates Jan 2015 - Ave hits per operator per day – 1000 hits Jan 2017 - Ave hits per operator per day – 1200 hits

20% increase in pick efficiency over 2 years by improving pick line management

SKU Rationalisation Jan 2015 - Number of active SKUs - 1600 SKUs Jan 2017 - Number of active SKUs - 1100 SKUs

32% reduction in active SKUs – eliminating the tail, eliminating non valuable work

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• The #1 Cosmecutical brand

• Experts in Anti-Ageing • Currently launching new prestige packaging

• We are passionate about addressing skin concerns for women of all ages

• Increased R&D investment allows us to

− Work with our global suppliers on continued leading edge innovation that delivers real results

• Our Dr. LeWinn’s 'Masterbrand' campaign featuring Anna Bamford is aiming at

− targeting the younger consumer 25+; and

− attracting new users to Dr. LeWinn's brand

• Our new Dr. LeWinn’s website delivers increase consumer engagement. F

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I N T R O D U C I N G ETERNAL YOUTH

F O U R N E W P R O D U C T S L A U N C H I N G A P R I L 2 0 1 7

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A’kin Relaunch 18

• One Global A'kin Haircare and Skincare Brand

• New highly appealing natural, contemporary packaging

• Innovator in Natural with pure, authentic, efficacious products such as

– Coconut Water & Green Tea Hydration Range

– Rosehip + Vitamin C

– Natural Dry Shampoo (Bamboo)

• Transform A’kin with a new positioning & purpose

• New brand campaign and merchandising

• New website engaging our consumers

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NPD, Visual Identity and Creative 19 F

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• Distribution expansion in supermarkets

• Maintain loyalists whilst attracting younger consumers via Glam innovation & engagement

• Glam growing at +23%* with 98k Facebook fans

• Available to purchase on-line

• Exciting innovations in high growth segments

• Catwalk trends, Celebrity endorsement, Fashion collaborations

• Collaboration with Liz Kelsh includes online tutorials using the Manicare brush range

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• Convert high brand awareness into strong growth through: – Distribution expansion in

supermarkets and ecommerce

• Contemporise Lady Jayne brand through packaging relaunch and differentiated innovation

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WIP

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New Visual Identify (WIP) 23 23

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Multix delivering at top & bottom line

in Australia for the total B/W/F category

*Market leader at 34.3% share ($) total plastic

bags/wraps/foils MAT to 11/01/17 Aztec

of Australian households have at least one Multix product in their home

*Nielsen Homescan MAT to 06/09/2016

We’ve had successful tactical innovation...

....and still growing *Aztec Scan, Multix Brand Total, Bags/Wraps and Foils

#1 Brand

121.2 120.9

124

128.3 128.9

MAT To23/09/12

MAT To22/09/13

MAT To21/09/14

MAT To20/09/15

MAT To18/09/16

Total Multix $M Full range Customer

category champions

Consumers think Multix

is good quality

High

engagement *135,000 facebook fans

‘The Clever Cook’

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• HAPL underlying retail business remains very solid.

• Retail Channel: All key retail partners ahead of plan and prior year, excluding the negative impact of;

– Masters store format Closure

– Loss of Laundry business in Harvey Norman

• Commercial/Kitchen: Building project delays in Victoria and New South Wales

• Operations: Supply chain efficiencies driving inventory improvements

FY 2017- Second Half Outlook • Refocus on our core cooking categories, built in ovens,

upright ovens, rangehoods and cooktops

• Release of new products in existing categories, Laundry and Refrigeration

• Launch of innovative new products, healthy Combi steam oven

• Leverage key retail partnerships within, Harvey Norman, Good Guys, Appliances Online

• Launch exclusive Baumatic cooking offer with Bunnings Commercial division

• Invest in our branded web sites to enhance the customer experience

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Primary Objective

• Build one on one relationships with new and existing consumers to increase brand awareness, brand engagement, brand loyalty and drive offline and online sales.

• Retail store locator functionality has been added to our website, with over five thousand retail outlets included in the database.

Secondary Objective

• As the experts on our brand we will always be where our customers want us to be, when they want us to be there, providing them with accurate and informative information, convenience and exceptional service.

www.drlewinns.com.au www.ladyjayne.com.au

www.akin.com.au www.manicare.com.au

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• Working together to drive A’kin in the UK and EU

• A’kin has been positioned as a straightforward and simple choice to a confused customer.

• Distributed through Holland & Barrett, Wholefoods market, Naturismo, Waitrose, Aer Lingus, Thomas Cook.

• Specialise in natural, good value – mid tier skincare and health brands

• 5 star Tmall TP store operator • Secured the opening of Akin’s Official Tmall

store. • Targeted purchases of $1m in Year 1

• Specialise in Premium skincare brands • Focus will be on LSC and EY • Exclusive repackaged range (based on

Korean design) of LSC for China only. • Forecasting purchases of $1.5m in Year 1 • UCO to marketing and build the brand in

China from virtually zero presence.

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APPENDIX McPherson’s Limited - Financial Performance

Results for the Half Year Ended 31 December 2016

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Group Financial Summary for H1 FY2017 Continuing operations*, excluding non-recurring items

1H2016* ($A million)

1H2017* ($A million)

Sales 168.3 149.1

EBITDA 15.8 15.0

Depreciation & amortisation (1.3) (1.5)

EBIT 14.5 13.5

Interest (3.6) (2.5)

NPBT 10.9 11.0

Tax (3.6) (3.1)

NPAT 7.3 7.9

EPS (cents) 7.5 7.6

EPS (including non-recurring items) (cents) 10.4 (11.4)

Total dividend (cents – fully franked) 6.0 6.0

11.4% Sales decrease

6.6% EBIT decrease

Interest cover 5.4 times

8.0% NPAT increase

1.2% PBT increase

* The impact of the Groups 49% interest in the Housewares JV is excluded from FY16 as it was divested on 31 March 2016.

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Group Financial Summary for 1H FY2017 Statutory (i.e. including non-recurring items)

1H2016

($A million) 1H2017

($A million)

NPBT excluding non-recurring items 10.9 11.1

Non-recurring items:

- Impairment of intangibles - (19.8)

- Restructuring costs (0.2) (0.8)

- Bond buyback costs - (0.7)

- Other non-recurring items (0.2) 0.2

- 49% share of Housewares JV profit 1.5 -

- Contingent consideration adjustments 1.5 -

Statutory NPBT 13.5 (10.0)

Income tax expense (3.4) (1.8)

Statutory NPAT 10.1 (11.8)

Statutory EPS (cents per share) 10.4 (11.4)

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Group Operating Cash Flows 1H2016

($A million) 1H2017

($A million)

Cash flows from operations

Receipts from customers (inclusive of GST) 186.4 164.7

Payments to suppliers and employees (inclusive of GST) (185.5) (148.9)

Net cash inflows from operations before interest and tax 0.9 15.8

Net interest and borrowing costs paid (3.3) (2.6)

Income tax paid (2.7) (1.0)

Net cash inflows (outflows) from operations (5.1) 12.2

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Group Investing and Financing Cash Flows 1H2016

($A million) 1H2017

($A million)

Cash flows from investing activities

Payments for acquisition of business assets (6.7) -

Payments for purchase of property, plant and equipment (1.9) (0.7)

Payments for purchase of intangibles (0.3) (0.3)

Proceeds from sale of business assets 0.2 0.2

Net cash outflows from investing activities (8.7) (0.8)

Cash flows from financing activities

Net proceeds from (repayment of) borrowings 20.7 (2.0)

Bond buy-back - (10.4)

Dividends paid (net of DRP participation) (1.7) (1.9)

Net cash inflows (outflows) from financing activities 19.0 (14.3)

Net increase / (decrease) in cash held 5.2 (2.9)

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